Purified Terephthalic Acid Market is valued at USD 41.25 Billion in 2017 and expected to reach USD 73.87 Billion by 2027 with a CAGR of 6% over the forecast period.
Purified Terephthalic Acid Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2021-2027- Rising demand of plastic items, bottles and packaging units are key driving factors for the growth of Purified Terephthalic Acid Market.
Purified Terephthalic Acid (PTA) is an organic chemical compound with formula C6H4(CO2H)2. The chemical compound is white solid which is primarily used as raw material to polyester PET used to make plastic bottles and clothing. The chemical’s common name has been derived from Phthalic acid and turpentine producing tree called as Pistacia Terebinthus. The preferred IUPAC name given to this chemical is Benzene-1,4-dicarboxylic Acid. Terephthalic acid is also used in polyester fibers, polyester films, data storage tapes and other sheet materials. Good chemical resistant, hardness & flexibility balance, ideal temperature range, good powder flow and fluidization characteristics are important properties to be noted.
During the COVID-19 pandemic, some industries have positive impact and some are still trying to stabilize in these circumstances. Low productivity, demand and disruptive supply chain caused by lockdown has severely affected the Chemical Industries. As nature of work requires on-field developments, it is important for companies to adopt the social distancing practices and other related issues. It is necessary for Chemical Industries to keep their workforce and meet supply & chain demands with safety precautions in order to sustain in COVID-19 Pandemic.
Global Purified Terephthalic Acid Market report is segmented on the basis of Application, End-User and Region & country level. Based upon Application, Global Purified Terephthalic Acid market is classified as Polyester fibers, Resins, Films and Others. On the basis of End-User, market is divided as Household items, Bottle & Packaging and Textile Market.
The regions covered in this Global Purified Terephthalic Acid Market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, the market of Purified Terephthalic Acid is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Middle East Asia, Africa, etc.
Some major key players for Global Purified Terephthalic Acid Market are China Petrochemical, Eastman, Mitsubishi Chemical Holdings, Reliance Industries, British Petroleum, Alpek, Sinopec and others.
February 24, 2021; PTA futures on China’s Zhengzhou Commodity Exchange closed at one year high. Feedstock PX prices increased is the main reason for rise in PTA futures. The PX prices saw the increment by $100/t from $750/t to $860/t which helped the PTA production in Chinese domestic market to Yn300/t down to Yn400/t in January for most PTA producers.
The major factors driving the growth of Global Purified Terephthalic Acid Market are rising demand of plastic items, bottles and packaging units. The PTA is used as raw material for certain drugs in pharmaceutical industry which helps to increase the demand of PTA. Due to material’s toughness and stability, it is used in audio and video recording tapes, another important growth factor for the market. Moreover, wide applications from different industries followed by rising government spending on textile, coatings, paints and others are also expected to create the demand for purified terephthalic acid over the forecast period. However, Fluctuations in the prices of PTA raw materials can be a restraining factor in the market. On the other hand, investing in research and development of PTA materials and expanding the usage of material in other fields can create opportunities in the Purified Terephthalic Acid Market.
Asia-Pacific is expected to dominate the Global Purified Terephthalic Acid Market within the forecast period attributed to high growth in textile industry, packaging industry and other manufacturing units. The growth of PTA consumption is strong due to the demand of polyester fiber in this region. India and China are expected to grow in PTA market in comparison with other companies as consumption rate of polyester is high in these countries. North America is expected to dominate the purified terephthalic acid market in terms of market share owing to the rising demand for PET bottles. Furthermore, rising demand for polymers and fibers along with wide applications in different industries are also expected to support the growth of Purified Terephthalic Acid Market.
|Historical data||2015 - 2020|
|Forecast Period||2021 - 2027|
|Market Size in 2020:||USD 41.25 Billion|
|Base year considered||2020|
|Forecast Period CAGR %:||
|Market Size Expected in 2027:||USD 73.87 Billion|
|Tables, Charts & Figures:||175|
|Key Players/Companies||China Petrochemical, Eastman, Mitsubishi Chemical Holdings, Reliance Industries, British Petroleum, Alpek, Sinopec and others|
|Segments Covered||By End-User, By Application|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|
Middle East and Africa